Coherent Market Insights

Biopsy Devices Market to Surpass US$ 5.02 Bn by 2031

Biopsy Devices Market to Surpass US$ 5.02 Bn by 2031 - Coherent Market Insights

Publish In: Apr 23, 2024

The global hydrogen peroxide market is estimated to be valued at USD 3.55 Billion in 2024, growing at a CAGR of 5.1% over the forecast period (2024-2031). Hydrogen peroxide is widely used as a bleaching agent in the pulp and paper industry. Furthermore, the growing electronics industry and its use of hydrogen peroxide in semiconductor manufacturing is further fueling the market growth.

The rising demand from the pulp and paper industry and the expanding electronics industry are the major drivers propelling the global hydrogen peroxide market growth. Hydrogen peroxide is extensively used as a bleaching agent in the pulp and paper manufacturing process. Growing paper packaging and tissue & towel demand globally is directly influencing the consumption of hydrogen peroxide. Additionally, hydrogen peroxide plays a critical role in various cleansing and etching processes in semiconductor wafer fabrication. The rapid expansion of consumer electronics, such as smartphones, laptops, and other gadgets, is driving the need for hydrogen peroxide. The increasing electronics production, mainly in the Asia Pacific region is anticipated to fuel the market growth over the forecast period.

Increasing Demand from the Pulp and Paper Industry is Driving Growth in the Global Hydrogen Peroxide Market

The pulp and paper industry is one of the largest end users of hydrogen peroxide globally. Hydrogen peroxide is used extensively in the bleaching process of paper pulp to make it whiter and brighter. With rising paper consumption worldwide due to increasing packaging, printing and writing needs, the demand for pulp and paper has been growing steadily. This growth in the pulp and paper industry directly translates to higher demand for hydrogen peroxide for bleaching applications. Asia Pacific currently represents over 50% of the global paper production and the demand is projected to continue increasing in the region's developing economies. This rising paper production in Asia Pacific is propelling the hydrogen peroxide market growth.

Stringent Regulations on Water Treatment are Another Key Growth Driver

Growing environmental regulations worldwide regarding industrial wastewater discharge standards are fueling the demand for hydrogen peroxide in water treatment applications. Hydrogen peroxide is highly effective in removing toxins and pollutants from wastewater through oxidation. It helps industries comply with stringent discharge norms without using harsh chemicals. With governments across regions tightening wastewater quality norms to curb pollution, the hydrogen peroxide adoption in industrial wastewater treatment is surging. Its non-toxic and environment-friendly properties make it a preferred oxidizing agent over chlorine for wastewater treatment. Thus, the implementation of stricter wastewater regulations globally will continue driving market revenue gains for hydrogen peroxide in the coming years.

Volatile Raw Material Prices Pose a Challenge

Hydrogen peroxide is manufactured from raw materials, such as hydrogen, oxygen, and anthraquinone, whose prices witness volatility due to changing supply and demand forces in the global market. In 2022, rising prices of hydrogen and oxygen due to supply constraints impacted hydrogen peroxide production costs negatively. Fluctuating raw material prices increase the input costs and squeeze the margins of hydrogen peroxide producers. This price volatility poses risks and restrains swift capacity expansion plans of manufacturers. To mitigate this challenge, producers are strengthening relationships with reliable raw material suppliers through long-term contracts. However, raw material price fluctuations continue posing a threat to the stable growth of the hydrogen peroxide market.

Competition from Alternative Chemicals Restricts Growth

The hydrogen peroxide market faces fierce competition from substitute chemicals that can be used in its key applications industries like pulp & paper, chemical synthesis, water treatment, etc. For instance, in paper bleaching - alternatives like chlorine dioxide, ozone, and enzymes are replacing hydrogen peroxide usage due to certain advantages they provide over peroxide. Similarly, for water treatment - other oxidants like potassium permanganate, ozone, and chlorine are challenging the market position of hydrogen peroxide. The availability of cost-effective alternative chemicals with comparable or better technical benefits restrains the potential revenue growth of hydrogen peroxide producers. Manufacturers need to innovate constantly to strengthen product performance and offerings against alternates.

Growing Demand in Chemical Synthesis Applications Presents Opportunities

One of the major growth opportunities for hydrogen peroxide manufacturers lies in its increasing application in chemical synthesis processes globally. Hydrogen peroxide finds wide usage as an environmentally-benign oxidizing agent in the production of many essential chemicals and intermediates. It helps replace conventional toxic oxidizers in organic synthesis as well as enhances reaction kinetics. With the chemical industry witnessing overall expansion worldwide to cater to rising end-use demand, the hydrogen peroxide consumption is projected to gain momentum in synthesis applications. Its adoption is growing in specialty chemical sectors like pharmaceuticals, agrochemicals, and electronics as well. Thus, the chemical synthesis segment will provide lucrative opportunities for market participants going forward.

Water Treatment in Developing Countries Offers High Potential

Developing economies across Asia Pacific, Latin America, and Middle East or Africa present excellent untapped opportunities for hydrogen peroxide companies. With rising health concerns and industrialization, the need for clean drinking water and stringent wastewater management is growing rapidly in these regions. However, the availability of water treatment infrastructure still remains limited compared to developed nations. This leaves a wide space for expansion through increased hydrogen peroxide usage in cost-effective water treatment applications. Its self-disinfecting properties also make it an ideal solution for decentralized water purification in remote areas across developing world. Thus, the water treatment sector, especially in emerging nations, will remain a key area offering high growth potential for hydrogen peroxide market players globally.

Link - https://www.coherentmarketinsights.com/market-insight/hydrogen-peroxide-market-3331

Key Developments

  • In 2023, Evonik and Fuhua joined forces to produce and market hydrogen peroxide in China
  • In 2023, Dow and Evonik announced a startup of hydrogen peroxide to a propylene glycol (HPPG) pilot plant
  • In September 2021, Nouryon, a producer of essential chemicals, started its production at a new facility in Ningbo, China. This manufacturing plant is used to produce organic peroxides business: tert-Butyl hydroperoxide (TBHP) and tert-Butyl alcohol (TBA). Organic peroxides are essential ingredients in the production of polymers and composites.
  • In May 2020, Kemira Oyj, a chemical company, signed an agreement with UPM-Kymmene Corporation, a Finnish forest industry company, for the expansion of hydrogen peroxide production in Uruguay, South America. Through this agreement, Kemira Oyj expanded its bleaching chemical supply in Uruguay, South America.

Key Players

Solvay S.A., BASF SE, Novo Nordisk Pharmatech A/S, Evonik Industries AG, Akzo Nobel N.V., Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC, Arkema Group, Gujarat Alkalies and Chemicals Ltd., Merck KGaA, Kemira Oyj, Aditya Birla Chemicals (Thailand) Ltd., Arkema Inc., Kingboard Chemical Holdings Ltd., Hansol Chemical Co. Ltd., Ecolab Inc., Dow Chemical Company, Christeyns, Apollo Scientific Ltd., and Guangdong Zhongcheng Chemicals Inc.

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